Group 1 - Jiangsu Hongcai Venture Capital Partnership (Limited Partnership) has been established with a capital contribution of 606 million yuan [1] - The business scope includes venture capital (limited to investing in unlisted companies), investment activities with self-owned funds, and enterprise management consulting [1] - The company is co-funded by Yibin Wuliangye Fund Management Co., Ltd. and others [1]

Summary of Wuliangye Yibin (000858.SZ) Investor Meeting Company Overview - **Company**: Wuliangye Yibin (000858.SZ) - **Date of Meeting**: March 6, 2025 - **Location**: Guangzhou Key Highlights 1. Sales and Inventory Management - **2025 Sales Target**: Management expects positive year-over-year sales growth in Q1, likely in the single-digit percentage range, with confidence in achieving positive sales growth for the full year if momentum continues [1][5] - **Channel Inventory**: Inventory has decreased to 2-3% from a peak of 8-9% last year due to strict shipment control initiated before Lunar New Year [1][5] - **Wholesale Prices**: Prices have stabilized at Rmb930-950, with management gradually resuming disciplined small-batch shipments [1][5] 2. Channel Reforms - **Comprehensive Reforms**: Aiming for completion within 6-12 months, focusing on wholesale price recovery, channel profitability, and penetrating under-exploited regional markets [1][5] - **Specialized Sales Companies**: Three specialized sales companies established by large distributors to enhance wholesale price stability and incentivize market penetration [1][5][2] 3. Direct Sales and New Channels - **Specialty Stores**: Removal of sales targets for specialty stores, with dedicated sales teams to facilitate retail sales and support through subsidies [7][5] - **E-commerce Growth**: Online sales grew over 20% year-over-year during the Lunar New Year period, although counterfeit products remain a challenge, accounting for nearly 30% of sampled products [7][5] - **Key Account Performance**: Retail sales in key accounts registered double-digit growth during the Lunar New Year period [7][5] 4. Market Expansion Strategy - **Untapped Markets**: Identified multiple untapped markets at the county level in Guangdong, with less than 5% market share in a Rmb60 billion+ market [7][5] - **Brand Strategy**: Focus on bolstering wholesale prices, expanding into new markets, and exploring mid-end products to capture trade-down opportunities [7][5] 5. International Expansion - **Sales Target**: Plans to customize products for 5-6 key overseas markets, establishing sales subsidiaries and local talent teams [1][8] - **Growth Focus**: Aiming to expand beyond the Chinese diaspora to mainstream local consumers [8][5] 6. Shareholder Returns - **Dividend Policy**: Committed to delivering consistent shareholder returns with a three-year plan of Rmb20 billion+ annual dividends and a payout ratio of over 70% [9][5] 7. Risks and Valuation - **Price Target**: 12-month price target set at Rmb166, representing a 26.1% upside from the current price of Rmb131.68 [11][10] - **Key Risks**: Potential consumption tax rate hikes, competition from Moutai-flavor brands, and intensifying competition in high-end spirits [10][5] Additional Insights - **Digitalization Efforts**: Enhanced inventory management through real-time monitoring and improved delivery systems [7][5] - **Market Positioning**: Wuliangye aims to leverage its competitive edge in local markets and adapt to regional consumption patterns [7][5] This summary encapsulates the critical points discussed during the investor meeting, highlighting Wuliangye's strategic initiatives, market positioning, and financial outlook for 2025.

宜宾五粮液股份有限公司 市值管理制度 （本制度经公司第六届董事会2025年第4次会议审议通过） 第一章 总则 第一条 为推动提升宜宾五粮液股份有限公司（以下简称"公 司"）的投资价值，增强投资者回报，加强公司市值管理工作，按照 《公司法》《证券法》《国务院关于加强监管防范风险推动资本市场 高质量发展的若干意见》《上市公司监管指引第 10 号——市值管理》 等相关法律法规、规范性文件，并结合公司实际制定本制度。 第二条 本制度所称市值管理，是指以提高公司质量为基础，为 提升公司投资价值和股东回报能力而实施的战略管理行为。 第二章 市值管理的基本原则 第三条 公司开展市值管理的基本原则： （四）常态性原则。及时关注资本市场动态，主动作为，常态化 开展市值管理工作。 （五）诚实守信原则。在市值管理工作中注重诚信、坚守底线、 1 担当责任，营造健康良好的市场生态。 第三章 市值管理的机构与职责 第四条 公司董事会是市值管理工作的领导机构，高级管理人员 协同参与市值管理工作，董事会办公室是市值管理的具体执行部门， 职能部门及子公司应当全力支持与配合。 第五条 董事会主要职责包括：密切关注市场对公司价值的反映， 在市场表 ...

二、董事会会议审议情况 议案一：关于制定《市值管理制度》的议案 为进一步增强投资者回报，提升公司投资价值，公司制定《市值 管理制度》，具体详见专项公告。 证券代码：000858 证券简称：五粮液 公告编号：2025/第 004 号 宜宾五粮液股份有限公司 第六届董事会 2025 年第 4 次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 宜宾五粮液股份有限公司（以下简称"公司"）第六届董事会 2025 年第 4 次会议，于 2025 年 3 月 4 日以通讯及传阅方式完成议案审议， 应参与审议表决董事 11 人，实际参与审议表决董事 11 人。会议的召 开方式符合《公司法》及公司《章程》的规定。 议案四：关于 2025 年度帮扶工作计划的议案 为贯彻省委、省政府关于支持全省 39 个欠发达县域振兴发展工 作系列部署，扎实推进公司托底性帮扶工作，公司拟定 2025 年度帮 扶工作计划：由公司出资共计 1,520 万元，用于支持越西县白酒灌装 生产线建设、特色产业发展和人才培养等，由五粮液公益慈善基金会 具体落实。 本议案同意 ...

宜宾五粮液股份有限公司 第六届董事会 2025 年第 3 次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 宜宾五粮液股份有限公司（以下简称"公司"）第六届董事会 2025 年第 3 次会议，于 2025 年 2 月 10 日以通讯及传阅方式完成议案审 议，应参与审议表决董事 11 人，实际参与审议表决董事 11 人。会议 的召开方式符合《公司法》及公司《章程》的规定。 二、董事会会议审议情况 证券代码：000858 证券简称：五粮液 公告编号：2025/第 003 号 本议案同意 11 票，反对 0 票，弃权 0 票。表决结果：通过。 三、备查文件 第六届董事会 2025 年第 3 次会议决议。 特此公告 宜宾五粮液股份有限公司董事会 2025 年 2 月 11 日 议案：关于向宜宾市筠连县山体滑坡灾区捐赠的议案 为快速响应抢险救援号召，公司决定捐赠 1500 万元，用于支持 宜宾市筠连县山体滑坡灾害赈灾救援和灾后重建等，助力受灾地区尽 快恢复生产生活秩序。具体事宜由五粮液公益慈善基金会按照法律、 法规及公司相关规定办理 ...

证券代码：000858 证券简称：五粮液 公告编号：2025/ 第 002 号 宜宾五粮液股份有限公司 2024 年中期分红派息实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示：本公司为其代扣代缴所得税的 QFII、RQFII，若需办理完税证明 或税收减免优惠的，请将相关材料原件于 2025 年 1 月 23 日前寄送至本公司董 事会办公室，逾期将不再办理。 一、股东大会审议通过利润分配方案情况 1.宜宾五粮液股份有限公司（以下简称"公司"或"本公司"）2024 年中期 利润分配方案已经 2024 年 12 月 31 日召开的 2024 年第一次临时股东大会审议 通过，具体内容为：以公司现有总股本 3,881,608,005 股为基数，向全体股东每 10 股派现金 25.76 元（含税），分配总额固定，共分配金额 9,999,022,220.88 元 （含税）；不送红股，不以公积金转增股本。 2.自分配方案披露至实施期间，公司总股本未发生变化。 3.本次实施的分配方案与股东大会审议通过的分配方案一致。 4.本次实施分配方案距离股东大会审议通过 ...

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [4] Core Insights - The company aims to enhance its marketing execution in 2025, focusing on improving both value and market share [1][2] - The marketing strategy for 2024 emphasizes driving sales, stabilizing prices, enhancing efficiency, and changing operational styles amidst a challenging market environment [1] - The company plans to deepen brand value through cultural exploration and high-quality platform engagement, while also optimizing its product system [1][2] - The financial projections for 2024-2026 indicate a revenue growth of 8% in 2024, 7% in 2025, and 9% in 2026, reaching 89.5 billion, 95.8 billion, and 104.3 billion respectively [2][3] Financial Data Summary - Revenue (in million yuan): - 2022: 73,968.64 - 2023: 83,272.07 - 2024E: 89,521.06 - 2025E: 95,818.49 - 2026E: 104,325.94 [3][10] - Net profit attributable to the parent company (in million yuan): - 2022: 26,690.66 - 2023: 30,210.59 - 2024E: 32,606.42 - 2025E: 34,971.10 - 2026E: 38,098.41 [3][10] - Earnings per share (in yuan): - 2022: 6.88 - 2023: 7.78 - 2024E: 8.40 - 2025E: 9.01 - 2026E: 9.82 [3][10] Market Strategy - The company will focus on five key areas in 2025: 1. Quality innovation to enhance product strength 2. Precise brand building to enhance brand strength 3. Detailed market cultivation to enhance channel strength 4. Rapid market response to enhance service strength 5. Quality management to enhance execution strength [2]

证券代码：000858 证券简称：五粮液 公告编号：2025/第 001 号 宜宾五粮液股份有限公司 第六届董事会 2025 年第 1 次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 宜宾五粮液股份有限公司（以下简称"公司"）第六届董事会 2025 年第 1 次会议，于 2025 年 1 月 2 日以通讯及传阅方式完成议案审议， 应参与审议表决董事 11 人，实际参与审议表决董事 11 人。会议的召 开方式符合《公司法》及公司《章程》的规定。 二、董事会会议审议情况 议案：关于公司高级管理人员调整的议案 根据宜宾市人民政府宜府人〔2024〕87号文件精神，因工作变动， 李健先生不再担任公司副总经理职务。 三、备查文件 第六届董事会 2025 年第 1 次会议决议。 特此公告 一、董事会会议召开情况 李健先生在公司任职期间，勤勉尽责、恪尽职守，为公司能源环 保、原料供应、重大工程建设作出了重要贡献，公司及董事会表示衷 心感谢。 本议案同意 11 票，反对 0 票，弃权 0 票。表决结果：通过。 宜宾五粮液股份有限公司董事会 2025 年 1 月 ...

Group 1: Company Overview and Strategic Direction - The company maintains a stable development tone, emphasizing high-quality growth in 2024 [1] - The overall trend remains positive, with favorable factors for high-quality development becoming more prominent [1] - The direction for progress is clear, further clarifying the path for high-quality development [1] Group 2: Marketing and Sales Strategy - In 2025, the company will focus on enhancing marketing execution, aiming for a "Sales Execution Improvement Year" [2] - The marketing strategy includes stabilizing prices, enhancing sales, improving cost efficiency, and transforming work styles [2] - The company will prioritize price stability to enhance merchant profitability, maintaining a balance between supply and demand for core products [2] Group 3: Product Development - The eighth generation of Wuliangye is the core product, focusing on supply-demand balance and quality service [3] - The classic Wuliangye targets the ultra-high-end market, emphasizing price stability and product value enhancement [4] - Tactical products like 1618 and 39-degree Wuliangye will optimize market policies to improve investment effectiveness [4] Group 4: Internationalization Strategy - The company aims to align with China's economic "going out" strategy, developing models that integrate display and tasting, renowned enterprises and wines, quality and standards, products and culture, as well as food and wine [4] Group 5: Focus on Fragrant Liquor - In 2025, the fragrant liquor division will adhere to a strategy of innovation and expansion, focusing on product sales, brand value enhancement, and solidifying channel foundations [4] - The product strategy will concentrate on key products like Wuliang Chun, Wuliang Chun, and Wuliang Te Tou Qu, while pushing for price adjustments towards reasonable brand value [4]

Group 1: Company Overview and Strategic Direction - The company maintains a stable development tone, emphasizing high-quality growth in 2024 [1] - The overall trend of positive factors for high-quality development is further highlighted [1] - The direction for progress in high-quality development is becoming clearer [1] Group 2: Sales Strategy for 2025 - The company will focus on "marketing execution enhancement year" in 2025, aiming to improve brand value [2] - Key marketing strategies include stabilizing prices, enhancing sales, improving cost efficiency, and changing work styles [2] - The principle of maintaining price stability is prioritized to enhance merchant profitability [2] Group 3: Product Strategy - The eighth generation of Wuliangye is the core product, focusing on supply-demand balance and price stability [3][4] - Classic Wuliangye targets the ultra-high-end market, emphasizing price stability and resource focus on key opinion leaders [4] - Tactical products like 1618 and 39-degree Wuliangye will utilize various promotional activities to optimize market policies [4] Group 4: Internationalization Strategy - The company aims to align with China's economic "going out" strategy, developing models that integrate product and cultural promotion [5] - Collaboration with renowned enterprises and products to enhance international presence is emphasized [5] Group 5: Focus on Wuliang Strong Aroma Liquor - The company will adhere to a strategy of "innovation while maintaining integrity" and focus on product sales and brand value enhancement [6] - Specific product strategies will concentrate on key brands while controlling brand quantity and balancing price and value [6]